Baird Investment Banking Pitch Book

DIVIDENDS AND BUYBACKS 2018 dividend and buyback announcements Ticker APC COP CVX ECA EOG FANG LPI NBL PXD SU Release Date 6-Feb 1-Feb 2-Feb 15-Feb 27-Feb 13-Feb 14-Feb 15-Feb 6-Feb 7-Feb Dividend Increase 400% increase to $0.25/share per quarter 7.5% increase to $0.285/share per quarter 4.0% increase to $1.12/share per quarter Unchanged 10% increase to $0.185/share per quarter Initiated $0.125/share per quarter 300% increase to $0.16/share semiannual 12.5% increase to C$0.36/share per quarter Source: FactSet, company data and Wall Street Research. Note: Relative performance vs. XOP is for the one-week period following the date of announcement. Additional Repurchases $500 mm $500 mm $400 mm $200 mm $750 mm $100 mm C$2,000 mm Confidential One Week Relative Performance vs. XOP 5.3% 2.4% 4.5% (0.2%) (6.9%) 4.2% 5.7% 0.2% 4.8% BAIRD (0.4%) Project Bronco | Page 30

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